Biltmore Wealth Management LLC Invests $210,000 in Abbott Laboratories (NYSE:ABT)

Biltmore Wealth Management LLC bought a new position in shares of Abbott Laboratories (NYSE:ABT) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,927 shares of the healthcare product maker’s stock, valued at approximately $210,000.

Several other large investors also recently modified their holdings of ABT. Investment Advisory Services Inc. TX ADV boosted its holdings in shares of Abbott Laboratories by 0.4% in the first quarter. Investment Advisory Services Inc. TX ADV now owns 22,785 shares of the healthcare product maker’s stock valued at $2,307,000 after buying an additional 93 shares during the period. Delta Financial Group Inc. boosted its position in shares of Abbott Laboratories by 1.5% during the first quarter. Delta Financial Group Inc. now owns 6,475 shares of the healthcare product maker’s stock worth $656,000 after buying an additional 96 shares during the period. Trifecta Capital Advisors LLC grew its holdings in shares of Abbott Laboratories by 21.2% during the first quarter. Trifecta Capital Advisors LLC now owns 548 shares of the healthcare product maker’s stock worth $55,000 after buying an additional 96 shares in the last quarter. Patriot Investment Management Group Inc. boosted its position in Abbott Laboratories by 3.1% during the 4th quarter. Patriot Investment Management Group Inc. now owns 3,236 shares of the healthcare product maker’s stock worth $356,000 after acquiring an additional 96 shares during the last quarter. Finally, Capital City Trust Co. FL raised its holdings in shares of Abbott Laboratories by 2.1% in the first quarter. Capital City Trust Co. FL now owns 4,638 shares of the healthcare product maker’s stock valued at $470,000 after purchasing an additional 97 shares during the last quarter. 73.70% of the stock is currently owned by institutional investors.

Insider Transactions at Abbott Laboratories

In related news, Director Daniel J. Starks sold 50,000 shares of the firm’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $113.76, for a total transaction of $5,688,000.00. Following the completion of the transaction, the director now directly owns 6,775,316 shares of the company’s stock, valued at approximately $770,759,948.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Abbott Laboratories news, EVP Andrea F. Wainer sold 10,400 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $105.03, for a total transaction of $1,092,312.00. Following the transaction, the executive vice president now directly owns 65,027 shares in the company, valued at approximately $6,829,785.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel J. Starks sold 50,000 shares of the business’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $113.76, for a total transaction of $5,688,000.00. Following the transaction, the director now owns 6,775,316 shares in the company, valued at approximately $770,759,948.16. The disclosure for this sale can be found here. 1.10% of the stock is owned by company insiders.

Abbott Laboratories Price Performance

Shares of ABT stock traded down $0.40 on Monday, reaching $101.34. The company had a trading volume of 1,291,079 shares, compared to its average volume of 4,893,830. The business’s 50-day moving average is $106.17 and its 200 day moving average is $105.24. Abbott Laboratories has a one year low of $93.25 and a one year high of $115.83. The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $175.86 billion, a PE ratio of 34.72, a price-to-earnings-growth ratio of 4.59 and a beta of 0.68.

Abbott Laboratories (NYSE:ABT) last issued its earnings results on Thursday, July 20th. The healthcare product maker reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.03. Abbott Laboratories had a return on equity of 20.50% and a net margin of 12.83%. The business had revenue of $9.98 billion during the quarter, compared to analysts’ expectations of $9.71 billion. During the same quarter in the prior year, the firm earned $1.43 EPS. The business’s revenue for the quarter was down 11.4% compared to the same quarter last year. Equities research analysts forecast that Abbott Laboratories will post 4.4 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ABT. Wolfe Research raised shares of Abbott Laboratories from an “underperform” rating to a “peer perform” rating in a research report on Friday, July 21st. Morgan Stanley reiterated an “equal weight” rating and set a $112.00 target price on shares of Abbott Laboratories in a report on Friday, July 21st. StockNews.com assumed coverage on Abbott Laboratories in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Barclays increased their price objective on Abbott Laboratories from $127.00 to $132.00 and gave the company an “overweight” rating in a report on Monday, July 24th. Finally, Mizuho boosted their target price on shares of Abbott Laboratories from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, July 21st. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $120.82.

Abbott Laboratories Company Profile

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The Established Pharmaceutical Products segment provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.